Too many insurance questions, or a little extra time and effort, for better coverage and prices?

May 31, 2016

The other day, a friend shared the gist of a conversation he’d had with a business owner. He was somewhat annoyed at the additional information Mona Lisa Insurance and Financial Services team requests, in order to design and shop for policy’s. He’d worked with other companies that didn’t require such details, and he felt it was too much unnecessary work. Prior to that conversation, the business owner didn’t realize that; all insurance agents should be getting all these details. They are crucial to ensuring proper protection and the most sensible rates for their specific circumstances. This was a perfect Ask Mitch topic.

When we buy insurance, we want the best coverage at the best price. While it’s no big secret that Mitch is very thorough, as is repeatedly appreciated in his testimonials, there is certainly a method to his madness. Most agents don’t bother to take this extra step towards revealing the whole picture, for the same reason the business owner objected to the more comprehensive questionnaire … it’s more work, and a bit more time consuming. Additionally, it is more expensive for the agent/firm on a fixed commission rate!!! Time is money! Unfortunately, without this information, the client and the agent both lose out with the standard template approach. If that would work, you could buy your insurance from a vending machine. Many companies try to use this approach on line, like a virtual vending machine, and it looks like you’re getting cheaper rates. The question is, are you getting better rates or is the lack of understanding coverages getting you cheap, stripped down coverage, that leaves you exposed to unnecessary risk?

We buy insurance for two primary reasons. It’s either required or we want to protect ourselves, our business and/or our assets. Often times it’s a combination of both, and the fact is; nobody wants to start from scratch, out of pocket, if something happens. We want maximum protection at the cheapest price. Most of us have no idea of the complexity of insurance coverage, and figure that whatever insurance we buy is all inclusive; covering everything we expect it to, at the level of our need when we make a claim. We think everything is hunky dory, until we file a claim and endure a disappointing and costly reality check. Then we get mad, because we’ve been paying all this money, have limited coverage, high deductibles and exclusions. This is why Mitch is so careful to get all this extra information from each of his clients. He also makes it a point to explain the coverage options and exclusions, so you don’t get any heart stopping surprises.

Another key reason for Mitch requiring all this “extra” information is the different policies, packages and practices of different insurance companies and their underwriter’s. Choosing the wrong insurance carrier, or even leaving out certain information, can result in your paying far too much for too little coverage, or even paying for coverage that you don’t even need. It’s kinda like a single male paying extra for maternity and prenatal care benefits, just because it’s included in the package. Remember, nothing is free. If the coverage is included, so is it’s associated fee! It’s factored into the “package price”. Armed with all the proper information, Mona Lisa agents can identify which companies offer the best coverage for your unique situation, at the best price.

Insurance agents play an important role in the purchasing of insurance coverage. They are the liaison between the client and the insurance company. It is their responsibility to match you up with the proper insurance, the insurance company that is the best fit for you, and to get you the best priced insurance to achieve your goal of protecting yourself, your bank account and your possessions. Doing it wrong can cost you a lot more in the end. If it takes a little more information and a little more time to do it right the first time, it’s well worth that little extra, to ensure you’re getting what you pay for, what you expect, and quite frankly, what you deserve. Don’t accept mediocrity with something as important as your protection. Get an agent who’s willing to invest a little extra time and effort into protecting you.

If you feel like you’re paying too much or you’re just not sure you’re protected well enough, we’re happy to review your policy. Just give us a call at Mona Lisa Insurance and Financial Services and ask for a no obligation, free comprehensive policy review. If your agent has done well by you, we’ll congratulate you for making a good choice. If not, we’ll get you going in the right direction, with a better understanding of what it takes to be properly protected. It is very important to know what you have …when you or your family needs it most! Be prepared though, as we will be asking for more information than most, so we can act in your best interest.